Soybean Futures Rise as Crush Pace Accelerates

Soybean futures on the Chicago Board of Trade (CBOT) rose Monday due to an increased crush pace and higher oil prices, according to analysts. The most-active CBOT soybean futures climbed 23-1/2 cents to $12.16 a bushel, while soybean futures gained 6-1/4 cents to $4.89-1/2 a bushel.

Data from the National Oilseed Processors Association showed that members processed 216.647 million bushels of soybeans in July, up 1.1% from June and 10.7% from last year's July total. The daily crush rate reached 6.989 million bushels per day, down from 7.145 million in the previous month.

The soybean market also drew support from uncertainty over U.S. yield prospects ahead of the Pro Farmer Midwest crop tour this week. Traders are awaiting the tour's results for additional information on corn and soybean yields after the USDA reduced its official yield forecasts last week.